Lately the telecoms have performed pretty well. As Verizon has new highs in site, its important to check what needs to happen. Verizon (VZ) has had an important resistance layer at $51.50 which has frustrated shareholders for a couple of years.
The last four tall volume bars are up weeks. I do like the strong momentum on the PPO. The full stochastics sits on the top of the range which is bullish. The SCTR appears to have a support resistance layer at the fifty level. I think if the uptrend is going to continue, the stock needs to continue performing better than 50% of the stocks in the large cap group.
As Verizon approaches this level, it should hold $50. I'd set my stop there if the breakout does not hold.
Below is the recording of The Final Bar show.
Below is the Commodities Countdown video that walks through the concerns in the index set up right now.
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Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts for Dummies
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